Stocks Sink as Worries About Spain Linger
The Greek elections "stirs in an added level of uncertainty until clarity from this weekend," Joe Bell, senior equity analyst at Schaeffer's Investment Research, agreed.
Sam Stovall, chief equity strategist at S&P Capital IQ warned that the lenient bailout requirements for Spain could embolden the winning party in Greece into pushing back even harder on austerity requirements integral to its international bailout deal.
The Hong Kong Hang Seng Index finished higher by 2.4% and the Nikkei in Japan added nearly 2% after stronger-than-expected China trade data for May and a lower than expected rise in inflation, which supported the view that the country has more wiggle room to loosen monetary policy.
No major U.S. economic reports were scheduled for Monday.July crude oil futures slipped $1.40 to settle at $82.70 a barrel. August gold futures rose $5.40 to settle at $1,595.90 an ounce. The benchmark 10-year Treasury was up 14/32, lowering the yield to 1.588%. The dollar was trading up 0.17%, according to the dollar index. In corporate news, Diamond Foods (DMND) said that it won't meet its June 11 quarterly filing data for the Nasdaq, and that as a result, the package foods company expects to receive a delisting determination letter from the Nasdaq and that would plan for an appeal thereafter. Shares tumbled 8%. Centene (CNC) slashed its full-year earnings outlook amid mounting costs in the Medicaid insurer's Kentucky and Texas health plans. Shares plunged more than 22%. One of the biggest movers on Monday was Micronetics (NOIZ), whose stock soared 94% after the company agreed to be acquired by Mercury Computer Systems (MRCY) for $75.4 million, including debt assumption. The deal values Micronetics's shares at $14.80 each in cash.
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